United Bank for Africa Plc (UBA) has begun the process of raising Tier 1 capital by way of rights issue, having obtained approval from its shareholders and board.

In a public notice signed by company secretary, Mr Bili Odum, and published yesterday, the bank said it has the approval of its shareholders as well as the board’s resolutions authorising it to raise additional capital by various means, including a Rights Issue which will commence at a future date.

According to the public notice, the Rights Issue will be on the basis of one new ordinary share for every 10 ordinary shares held as at a date to be communicated to shareholders and subject to regulatory approval.
The proceeds of the offer, according to the bank, will boost its highly diversified businesses across Africa. UBA Plc, Africa’s global bank with operations in 19 African countries including Nigeria, has offices in New York, and Paris, and a subsidiary in London providing broad-based banking services to over 10 million customers globally.

Source: http://www..com.ng/index.php/business-news/item/450-uba-gets-approval-to-raise-capital-through-rights-issue

That gud one there @uba